MP Ndindi Nyoro has warned that the proposed sale of the government’s 15 per cent stake in Safaricom Plc risks short-changing Kenya, arguing that the transaction is being driven by buyers who are taking advantage of the country.
Nyoro, the Kiharu MP and former chair of the National Assembly Budget and Appropriations Committee, said Kenya must prioritise extracting maximum value from its public assets, especially strategic companies such as Safaricom, which remains one of the most profitable firms in the region.
“Kenya must have a goal of getting the most optimal value out of our public assets. The current transaction is buyer-driven and they are taking advantage of Kenya,” Nyoro told a joint sitting of the National Assembly’s Finance and National Planning Committee and the Committee on Public Debt and Privatisation.
The lawmaker cautioned against relying on prevailing market prices to justify block sales of major shareholdings, saying such transactions are rarely based on daily stock market valuations. “Block sales, even of listed companies, are not based on market price, and it is naïve for Kenya to be cornered into giving out our most prized asset for a song,” he said.
Nyoro cited recent international and local transactions to support his argument. He pointed to a deal involving British multinational Diageo and Japan’s Asahi Group, where shares trading at about KSh244 were transacted at around KSh590 per share. He said similar patterns had been observed in Kenyan transactions involving companies such as Rea Vipingo, Amson Group and Bamburi Cement, where buyers paid significant premiums above market prices to secure control or strategic stakes.
The proposed Safaricom stake sale comes as the government explores options to raise revenue, manage public debt and fund development programmes amid mounting fiscal pressure. However, critics argue that selling stakes in profitable state assets could provide short-term relief while undermining long-term public value.
Nyoro urged the government to widen the scope of the transaction by opening the process to international bidders, saying competition would help Kenya secure a fairer price. “The government should open the bid to international players and get the best value for our country,” he said.
He praised members of the joint parliamentary committee for what he described as a constructive and cordial engagement, singling out committee chairs Shurie Abdi Omar and Kuria Kimani. Nyoro said Parliament still had an opportunity to intervene and prevent what he termed an “imminent loss of value”.
“We still have a chance to avert this loss. The Government of Kenya must do the right thing,” he said.
Safaricom, in which the state remains a key shareholder alongside Vodafone Group, plays a central role in Kenya’s economy through mobile communications, mobile money services and tax contributions, making the outcome of the proposed stake sale a matter of significant public interest.
